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Press Release Source: Illumina, Inc
Illumina Reports Financial Results for Second Quarter 2004
Wednesday July 14, 4:15 pm ET
Revenues Increase 140% Over Second Quarter 2003
SAN DIEGO--(BUSINESS WIRE)--July 14, 2004--Illumina, Inc. (NASDAQ:ILMN - News) announced today its financial results for the second quarter and six-month period ended June 27, 2004.
For the quarter ended June 27, 2004, the Company reported revenue of $11.5 million, a 140% increase compared to revenue of $4.8 million in the second quarter of 2003. Product revenue for the period was $9.0 million, a $6.3 million increase over the second quarter of 2003. Revenue for the six-month period ended June 27, 2004 was $22.3 million, a 148% increase compared to revenue of $9.0 million for the same six-month period in 2003. For the quarter ended June 27, 2004, the Company reported a net loss of $3.5 million, or $0.10 per share, compared to a net loss of $8.6 million, or $0.27 per share, in the second quarter of 2003. Net loss for the six-month period ended June 27, 2004 was $7.4 million, or $0.22 per share, compared to a net loss of $17.6 million, or $0.55 per share, for the same six-month period in 2003. Cash and investments at June 27, 2004, including restricted cash, totaled $66.2 million.
During the quarter, Illumina announced an agreement with and installed at the University of Southern California's (USC) Keck School of Medicine a production-scale SNP genotyping BeadLab capable of generating routinely over eight hundred thousand genotypes per day. The Company also shipped twelve benchtop BeadStation systems to core labs and individual researchers for moderate-throughput genomics applications. After the end of the quarter, Illumina announced an additional BeadLab agreement with the University of California, Los Angeles (UCLA).
In April, Illumina announced the development of a line of fixed-content genotyping products based on a revolutionary new assay and Sentrix® BeadChip configuration. This line of microarray solutions will allow large-scale interrogation of variation in the human genome at many levels of resolution, accelerating the ability of researchers to cost-effectively unlock the genetic basis of disease. And in May, the Company announced breakthrough pricing for two new BeadChips that will, for the first time ever, enable parallel, genome-wide expression analysis of multiple samples on a single microarray. The gene expression products are expected to be available in the third quarter.
Commenting on the second quarter's results, Jay Flatley, Illumina President and CEO stated, "This was the first full quarter of BeadStation system sales and we are pleased to have exceeded our shipment goals on this new product. We received orders from all major geographic regions demonstrating the effectiveness of our growing worldwide sales and support network. The majority of BeadStation shipments were the 500GX model providing customers the ability to study both gene expression and genotyping, and reflecting the flexibility of our BeadArray technology."
"Our continued ability to provide high-performance, cost-effective products to customers helped us achieve our twelfth consecutive quarter of sequential revenue increases," stated Tim Kish, Illumina's CFO. "With gross margins again above 70%, increasing market acceptance of our new BeadStation systems and the upcoming rollout of our two whole genome BeadChip products, we remain well positioned to reach breakeven early in 2005," added Kish.
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